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MAS slaps StanChart, Coutts with $7.6m fine for anti-money laundering breaches

Singapore Business Review

A prohibition order against Goldman Sach's ex-director is also underway.

The Monetary Authority of Singapore (MAS) has imposed financial penalties of S$5.2m and S$2.4 million respectively on Standard Chartered Bank, Singapore Branch (SCB) and Coutts & Co Ltd, Singapore Branch (Coutts) for breaches of MAS’ anti-money laundering (AML) requirements.

These breaches occurred in the context of 1MDB-related fund flows through these banks.

MAS has also served notice of its intention to issue a Prohibition Order against Tim Leissner, a former director of Goldman Sachs (Singapore) Pte (GS S’pore) for making false statements on behalf of Goldman Sachs (Asia) L.L.C., without the latter’s knowledge or consent.

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Mr Leissner had overall responsibility for managing the relationship with 1MDB when Goldman Sachs was engaged by 1MDB to arrange three bond issuances from 2012 to 2013.



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